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Multi-lateral lender World Bank today announced funding support of USD 1 billion for expansion of solar power capacity in India.

It also signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use across the world, with a goal of mobilising USD 1 trillion in investments by 2030.

The pact, which was signed in the presence of Finance Minister Arun Jaitley, Power Minister Piyush Goyal and visiting World Bank Group President Jim Yong Kim, establishes the multilateral lending agency as the financial partner for ISA.